Wedge Capital Management L L P NC Sells 180,601 Shares of Bank of America Corp (NYSE:BAC)

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Wedge Capital Management L L P NC cut its stake in shares of Bank of America Corp (NYSE:BAC) by 12.7% in the 4th quarter, HoldingsChannel reports. The fund owned 1,236,892 shares of the financial services provider’s stock after selling 180,601 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Bank of America were worth $43,563,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tibra Equities Europe Ltd lifted its position in Bank of America by 85.0% during the 3rd quarter. Tibra Equities Europe Ltd now owns 1,092,700 shares of the financial services provider’s stock valued at $31,874,000 after acquiring an additional 502,200 shares during the period. Neumann Capital Management LLC raised its position in Bank of America by 1.0% in the 3rd quarter. Neumann Capital Management LLC now owns 116,675 shares of the financial services provider’s stock worth $3,403,000 after buying an additional 1,100 shares during the last quarter. Front Barnett Associates LLC lifted its stake in Bank of America by 1.0% during the 3rd quarter. Front Barnett Associates LLC now owns 446,316 shares of the financial services provider’s stock valued at $13,019,000 after acquiring an additional 4,606 shares during the period. Great West Life Assurance Co. Can lifted its stake in Bank of America by 0.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 8,317,358 shares of the financial services provider’s stock valued at $242,862,000 after acquiring an additional 47,054 shares during the period. Finally, Salomon & Ludwin LLC boosted its holdings in shares of Bank of America by 120.6% during the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 814 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

Shares of NYSE BAC opened at $34.67 on Thursday. Bank of America Corp has a 12-month low of $26.05 and a 12-month high of $35.72. The firm has a market capitalization of $317.71 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 1.30 and a beta of 1.64. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99. The firm has a 50 day moving average of $34.51 and a 200 day moving average of $30.88.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The business had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $22.30 billion. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. Sell-side analysts predict that Bank of America Corp will post 2.88 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a $0.18 dividend. The ex-dividend date was Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.08%. Bank of America’s dividend payout ratio (DPR) is 27.59%.

BAC has been the subject of a number of research analyst reports. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. BMO Capital Markets downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective on the stock. in a research report on Thursday, January 2nd. JPMorgan Chase & Co. restated an “overweight” rating and issued a $33.00 target price (up previously from $30.00) on shares of Bank of America in a report on Monday, November 4th. Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Citigroup boosted their target price on shares of Bank of America from $29.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $34.74.

In related news, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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